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The Changing Economic Circumstances of the Elderly: Income, Wealth, and Social Security

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Author Info
James P. Smith

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Abstract

How is the economic status of the elderly changing and what are their prospects for the future? My portrait tells us how well off they are on average, but also about the vast disparities that exist among them. This description includes an often neglected measure of their economic well-being--the amount of wealth they control. Amazingly little is known about howmuch personal wealth older people have and how and what determines its distribution. But the conventional definition of household wealth ignores two critical components of wealth: the expected income flows from pensions and Social Security. For some elderly households, Social Security represents the largest part of their wealth. I conclude with some thoughts on one of the most sensitive and critical public policy issues--the necessity of reforming Social Security.

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File URL: http://www-cpr.maxwell.syr.edu/pbriefs/pb8.pdf
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Publisher Info
Paper provided by Center for Policy Research, Maxwell School, Syracuse University in its series Center for Policy Research Policy Briefs with number 8.

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Length: 29 pages
Date of creation: May 1997
Date of revision:
Handle: RePEc:max:cprpbr:008

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Find related papers by JEL classification:
H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped
J15 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Minorities and Races; Non-labor Discrimination

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Glenn R. Hubbard & Jonathan Skinner & Stephen P. Zeldes, . "Precautionary Saving and Social Insurance," Rodney L. White Center for Financial Research Working Papers 3-95, Wharton School Rodney L. White Center for Financial Research.
    Other versions:
  2. Smith, James P, 1998. "Socioeconomic Status and Health," American Economic Review, American Economic Association, vol. 88(2), pages 192-96, May. [Downloadable!] (restricted)
  3. James P. Smith, 2004. "Wealth Inequality Among Older Americans," Labor and Demography 0403003, EconWPA. [Downloadable!]
  4. Smith, J-P & Kington, R, 1997. "Demographic and Economic Correlates of Health in Old Age," Papers 97-06, RAND - Reprint Series.
    Other versions:
  5. Deaton, A. & Grosh, M., 1998. "Consumption," Papers 191, Princeton, Woodrow Wilson School - Development Studies.
  6. Richard V. Burkhauser & Timothy M. Smeeding, 1994. "Social Security Reform: A Budget Neutral Approach to Reducing Older Women's Disproportional Risk of Poverty," Center for Policy Research Policy Briefs 2, Center for Policy Research, Maxwell School, Syracuse University. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Clinton Lively, 2001. "Merrill Lynch & Co.: process risk management program," Conference Series ; [Proceedings], Federal Reserve Bank of Boston. [Downloadable!]
  2. Jane Sneddon Little & Robert K. Triest, 2001. "The impact of demographic change on U. S. labor markets," Conference Series ; [Proceedings], Federal Reserve Bank of Boston. [Downloadable!]
    Other versions:
  3. C. D. Zick & K. Holden, . "An Assessment of the Wealth Holdings of Recent Widows," Institute for Research on Poverty Discussion Papers 1188-99, University of Wisconsin Institute for Research on Poverty. [Downloadable!]
  4. Matilda White Riley, 1998. "The Hidden Age Revolution: Emergent Integration of All Ages," Center for Policy Research Policy Briefs 12, Center for Policy Research, Maxwell School, Syracuse University. [Downloadable!]
  5. Hugo Benitez-Silva and Debra Dwyer, 2002. "Retirement Expectations Formation Using the Health and Retirement Study," Department of Economics Working Papers 02-04, Stony Brook University, Department of Economics, revised 18 Jun 2002. [Downloadable!]
  6. Debra S. Dwyer, 2002. "Planning For Retirement: The Accuracy Of Expected Retirement Dates And The Role Of Health Shocks," Working Papers, Center for Retirement Research at Boston College 2001-08, Center for Retirement Research. [Downloadable!]
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